March 2020 Asia Pacific Voting Report
Voting report Legal & General Investment Management
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Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
DB Insurance Co., Ltd.
Meeting Date: 03/13/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y2096K109
Ticker: 005830
Primary ISIN: KR7005830005
Proposal
Number Proposal Text Proponent Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Elect One Inside Director and Two Outside
Directors (Bundled)
Mgmt For For
3 Elect Lee Seung-woo as Outside Director to
Serve as an Audit Committee Member
Mgmt For For
4 Elect Two Members of Audit Committee
(Bundled)
Mgmt For For
5 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
Kumho Petrochemical Co., Ltd.
Meeting Date: 03/13/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y5S159113
Ticker: 011780
Primary ISIN: KR7011780004
Proposal
Number Proposal Text Proponent Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Elect Lee Jae-gyeong as Outside Director Mgmt For For
3 Elect Lee Jae-gyeong as a Member of Audit
Committee
Mgmt For For
4 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Hyundai Mobis Co., Ltd.
Meeting Date: 03/18/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y3849A109
Ticker: 012330
Primary ISIN: KR7012330007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Approve Appropriation of Income
Mgmt
For
For
3.1.1 Elect Karl-Thomas Neumann as Outside
Director
Mgmt
For
Against
Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least
one woman. We expect companies to increase female participation both on the board and in leadership positions over time.
3.1.2 Elect Jang Young-woo as Outside Director Mgmt For For
3.2 Elect Chung Eui-sun as Inside Director
Mgmt
For
Against
Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least
one woman. We expect companies to increase female participation both on the board and in leadership positions over time.
4.1 Elect Karl-Thomas Neumann as a Member of
Audit Committee
Mgmt For For
4.2 Elect Jang Young-woo as a Member of Audit
Committee
Mgmt For For
5 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
Samsung Electro-Mechanics Co., Ltd.
Meeting Date: 03/18/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y7470U102
Ticker: 009150
Primary ISIN: KR7009150004
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For For
2.1 Elect Yoo Ji-beom as Outside Director Mgmt For For
2.2 Elect Kim Joon-kyung as Outside Director Mgmt For For
2.3 Elect Yuh Yoon-kyung as Outside Director
Mgmt
For
For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Samsung Electro-Mechanics Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
2.4
Elect Kyung Kye-hyun as Inside Director
Mgmt
For
For
2.5 Elect Kang Bong-yong as Inside Director Mgmt For For
3.1 Elect Kim Joon-kyung as a Member of Audit
Committee
Mgmt For For
3.2 Elect Yuh Yoon-kyung as a Member of Audit
Committee
Mgmt For For
4 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
5.1 Amend Articles of Incorporation (Electronic
Registration of Certificates)
Mgmt For For
5.2 Amend Articles of Incorporation (Method of
Public Notice)
Mgmt For For
Samsung Electronics Co., Ltd.
Meeting Date: 03/18/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y74718100
Ticker: 005930
Primary ISIN: KR7005930003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For For
2.1 Elect Han Jong-hee as Inside Director Mgmt For For
2.2 Elect Choi Yoon-ho as Inside Director Mgmt For For
3 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt
For
For
Samsung SDI Co., Ltd.
Meeting Date: 03/18/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y74866107
Ticker: 006400
Primary ISIN: KR7006400006
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Samsung SDI Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Jun Young-hyun as Inside Director
Mgmt
For
Against
Blended Rationale: Joint Chair/CEO: A vote against is applied as LGIM expects the roles of Board Chair and CEO to be separate.
These two roles are substantially different and a division of responsibilities ensures there is a proper balance of authority and
responsibility on the board.
2.2 Elect Kwon Oh-kyung as Outside Director Mgmt For For
2.3 Elect Kim Duk-hyun as Outside Director Mgmt For
For
2.4 Elect Park Tae-ju as Outside Director Mgmt For
For
2.5 Elect Choi Won-wook as Outside Director Mgmt For
For
3.1 Elect Kwon Oh-kyung as a Member of Audit Mgmt
Committee
For
For
3.2 Elect Kim Duk-hyun as a Member of Audit Mgmt
Committee
For
For
3.3 Elect Park Tae-ju as a Member of Audit Mgmt
Committee
For
For
3.4 Elect Choi Won-wook as a Member of Audit Mgmt
Committee
For
For
4 Approve Total Remuneration of Inside Mgmt
Directors and Outside Directors
For
For
Samsung SDS Co., Ltd.
Meeting Date: 03/18/2020 Country: South Korea
Primary Security ID: Y7T72C103
Meeting Type: Annual Ticker: 018260
Primary ISIN: KR7018260000
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Ahn Jeong-tae as Inside Director
Mgmt
For
For
2.2 Elect Yoo Jae-man as Outside Director
Mgmt
For
For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Samsung SDS Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.3 Elect Yoo Hyeok as Outside Director Mgmt For For
2.4 Elect Shin Hyeon-han as Outside Director
Mgmt
For
For
2.5 Elect Cho Seung-ah as Outside Director
Mgmt
For
For
3.1
3.2
3.3
4
Elect Yoo Jae-man as a Member of Audit
Committee
Elect Shin Hyeon-han as a Member of Audit
Committee
Elect Cho Seung-ah as a Member of Audit
Committee
Amend Articles of Incorporation
Mgmt
Mgmt
Mgmt
Mgmt
For
For
For
For
For
For
For
For
5 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt
For
For
Cheil Worldwide, Inc.
Meeting Date: 03/19/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y1296G108
Ticker: 030000
Primary ISIN: KR7030000004
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Amend Articles of Incorporation (Business
Objectives)
Mgmt For For
2.2 Amend Articles of Incorporation (Electronic
Registration of Certificates)
Mgmt For For
3 Elect Jeong Hong-gu as Inside Director Mgmt For For
4 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
5 Authorize Board to Fix Remuneration of
Internal Auditor(s)
Mgmt For For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Hotel Shilla Co., Ltd.
Meeting Date: 03/19/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y3723W102
Ticker: 008770
Primary ISIN: KR7008770000
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Elect Lee Boo-jin as Inside Director
Mgmt
For
Against
Blended Rationale: Joint Chair/CEO: A vote against is applied as LGIM expects the roles of Board Chair and CEO to be separate.
These two roles are substantially different and a division of responsibilities ensures there is a proper balance of authority and
responsibility on the board.
3 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For Against
Blended Rationale: A vote AGAINST this item is warranted because: - The proposed remuneration limit is high relative to that
of the market average; and - The company is proposing an increase without providing any reasonable justification.
HYUNDAI ENGINEERING & CONSTRUCTION CO., LTD.
Meeting Date: 03/19/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y38382100
Ticker: 000720
Primary ISIN: KR7000720003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Kim Jae-jun as Outside Director Mgmt For For
2.2 Elect Hong Dae-sik as Outside Director Mgmt For For
3.1 Elect Kim Jae-jun as a Member of Audit
Committee
Mgmt For For
3.2 Elect Hong Dae-sik as a Member of Audit
Committee
Mgmt For For
4 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Hyundai GLOVIS Co., Ltd.
Meeting Date: 03/19/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y27294100
Ticker: 086280
Primary ISIN: KR7086280005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Amend Articles of Incorporation
Mgmt
For
For
3.1 Elect Jeon Geum-bae as Inside Director
Mgmt
For
For
3.2 Elect Kim Jun-gyu as Outside Director
Mgmt
For
Against
Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least
one woman. We expect companies to increase female participation both on the board and in leadership positions over time.
3.3 Elect Lim Chang-gyu as Outside Director Mgmt For Against
Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical
element for a board to protect shareholders' interests.
4.1 Elect Kim Jun-gyu as a Member of Audit
Committee
Mgmt For For
4.2 Elect Lim Chang-gyu as a Member of Audit
Committee
Mgmt For For
5 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
Hyundai Motor Co., Ltd.
Meeting Date: 03/19/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y38472109
Ticker: 005380
Primary ISIN: KR7005380001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Amend Articles of Incorporation
Mgmt
For
For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Hyundai Motor Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
3.1 Elect Choi Eun-su as Outside Director Mgmt For Against
Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least
one woman. We expect companies to increase female participation both on the board and in leadership positions over time.
3.2 Elect Kim Sang-hyeon as Inside Director Mgmt For For
4 Elect Choi Eun-su as a Member of Audit Mgmt
Committee
For
For
5 Approve Total Remuneration of Inside Mgmt
Directors and Outside Directors
For
For
ORION Corp. (Korea)
Meeting Date: 03/19/2020 Country: South Korea
Primary Security ID: Y6S90M128
Meeting Type: Annual Ticker: 271560
Primary ISIN: KR7271560005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Heo In-cheol as Inside Director Mgmt For For
2.2 Elect Lee Gyeong-jae as Inside Director Mgmt For
For
2.3 Elect Lee Wook as Outside Director Mgmt For
For
3 Elect Lee Wook as a Member of Audit Mgmt
Committee
For
For
4 Approve Total Remuneration of Inside Mgmt
Directors and Outside Directors
For For
S-1 Corp. (Korea)
Meeting Date: 03/19/2020 Country: South Korea
Primary Security ID: Y75435100
Meeting Type: Annual Ticker: 012750
Primary ISIN: KR7012750006
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
S-1 Corp. (Korea)
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Elect Four Inside Directors and One NI-NED
(Bundled)
Mgmt For For
3 Appoint Ishida Shozaburo as Internal Auditor Mgmt For For
4 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
5 Authorize Board to Fix Remuneration of
Internal Auditor(s)
Mgmt For For
Samsung Card Co., Ltd.
Meeting Date: 03/19/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y7T70U105
Ticker: 029780
Primary ISIN: KR7029780004
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Kim Dae-hwan as Inside Director
Mgmt
For
For
2.2 Elect Ahn Gi-hong as Inside Director
Mgmt
For
For
2.3 Elect Kwon Oh-Kyu as Outside Director
Mgmt
For
Against
Blended Rationale: A vote AGAINST Kwon Oh-Kyu is warranted because the nominee served on the board or other companies'
board with the wrongdoer Won Gee-chan and collectively have failed to remove Won Ki-chan from the board following his
conviction in April 2019. The inaction to remove Won Ki-chan from the board is indicative of a material failure of governance
and oversight at the company.
2.4 Elect Choi Gyu-yeon as Outside Director Mgmt For Against
Blended Rationale: A vote AGAINST Choi Gyu-yeon is warranted because the nominee served on the board or other companies'
board with the wrongdoer Won Gee-chan and collectively have failed to remove Won Ki-chan from the board following his
conviction in April 2019. The inaction to remove Won Ki-chan from the board is indicative of a material failure of governance
and oversight at the company.
2.5 Elect Lim Hye-ran as Outside Director Mgmt For For
3 Elect Kang Tae-su as Outside Director to
Serve as Audit Committee Member
Mgmt
For
For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Samsung Card Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
4.1
Elect Kwon Oh-Kyu as a Member of Audit
Committee
Mgmt
For
For
4.2 Elect Choi Gyu-yeon as a Member of Audit
Committee
Mgmt For For
5 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
Samsung Engineering Co., Ltd.
Meeting Date: 03/19/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y7472L100
Ticker: 028050
Primary ISIN: KR7028050003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Choi Jae-hoon as Inside Director
Mgmt
For
For
2.2 Elect Seo Man-ho as Outside Director
Mgmt
For
Against
Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least
one woman. We expect companies to increase female participation both on the board and in leadership positions over time.
3 Elect Seo Man-ho as a Member of Audit
Committee
Mgmt For For
4 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
Samsung Life Insurance Co., Ltd.
Meeting Date: 03/19/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y74860100
Ticker: 032830
Primary ISIN: KR7032830002
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Samsung Life Insurance Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Jeon Young-muk as Inside Director Mgmt For For
2.2 Elect Yoo Ho-seok as Inside Director Mgmt For
For
2.3 Elect Hong Won-hak as Inside Director Mgmt For
For
3 Approve Total Remuneration of Inside Mgmt
Directors and Outside Directors
For
For
Amorepacific Corp.
Meeting Date: 03/20/2020 Country: South Korea
Primary Security ID: Y01258105
Meeting Type: Annual Ticker: 090430
Primary ISIN: KR7090430000
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Elect Cha Sang-gyun as Outside Director
Mgmt
For
For
3 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt
For
For
AmorePacific Group, Inc.
Meeting Date: 03/20/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y0126C105
Ticker: 002790
Primary ISIN: KR7002790004
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Kim Eon-su as Outside Director
Mgmt
For
For
2.2 Elect Kim Young-seon as Outside Director
Mgmt
For
For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
AmorePacific Group, Inc.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
2.3
Elect Lee Gyeong-mi as Outside Director
Mgmt
For
For
3.1 Elect Kim Eon-su as a Member of Audit
Committee
Mgmt For For
3.2 Elect Kim Young-seon as a Member of Audit
Committee
Mgmt For For
4 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
BNK Financial Group, Inc.
Meeting Date: 03/20/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y0R7ZV102
Ticker: 138930
Primary ISIN: KR7138930003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Kim Ji-wan as Inside Director
Mgmt
For
For
2.2 Elect Cha Yong-gyu as Outside Director
Mgmt
For
Against
Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least
one woman. We expect companies to further increase female participation on the board and leadership positions over time.
2.3 Elect Moon Il-jae as Outside Director Mgmt For For
2.4 Elect Jeong Gi-young as Outside Director Mgmt For For
2.5 Elect Yoo Jeong-jun as Outside Director Mgmt For For
2.6 Elect Son Gwang-ik as Outside Director Mgmt For For
2.7 Elect Kim Chang-rok as Outside Director Mgmt For For
3.1 Elect Moon Il-jae as a Member of Audit
Committee
Mgmt For For
3.2 Elect Yoo Jeong-jun as a Member of Audit
Committee
Mgmt For For
3.3 Elect Son Gwang-ik as a Member of Audit
Committee
Mgmt For For
4 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
DONGSUH Cos., Inc.
Meeting Date: 03/20/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y2096D105
Ticker: 026960
Primary ISIN: KR7026960005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Elect Three Inside Directors and One Outside
Director (Bundled)
Mgmt For For
2 Approve Total Remuneration of Inside
Directors and Outside Directors
3 Authorize Board to Fix Remuneration of
Internal Auditor(s)
Mgmt
Mgmt
For
For
For
For
GS Retail Co., Ltd.
Meeting Date: 03/20/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y2915J101
Ticker: 007070
Primary ISIN: KR7007070006
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Lim Choon-seong as Outside Director Mgmt For For
2.2 Elect Choi Hyo-seong as Outside Director Mgmt For For
2.3 Elect Shin Dong-yoon as Outside Director Mgmt For For
2.4 Elect Kim Seok-hwan as Non-Independent
Non-Executive Director
Mgmt For Against
Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical
element for a board to protect shareholders' interests.
3.1 Elect Lim Choon-seong as a Member of Audit
Committee
Mgmt For For
3.2 Elect Choi Hyo-seongas a Member of Audit
Committee
Mgmt For For
3.3 Elect Shin Dong-yoon as a Member of Audit
Committee
Mgmt For For
4 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Hana Financial Group, Inc.
Meeting Date: 03/20/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y29975102
Ticker: 086790
Primary ISIN: KR7086790003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Amend Articles of Incorporation Mgmt For For
3.1 Elect Yoon Sung-bock as Outside Director Mgmt For For
3.2 Elect Park Won-koo as Outside Director Mgmt For For
3.3 Elect Paik Tae-seung as Outside Director Mgmt For For
3.4 Elect Kim Hong-jin as Outside Director Mgmt For For
3.5 Elect Yang Dong-hoon as Outside Director Mgmt For For
3.6 Elect Heo Yoon as Outside Director Mgmt For For
3.7 Elect Lee Jung-won as Outside Director Mgmt For For
4 Elect Chah Eun-young as Outside Director to
Serve as Audit Committee Member
Mgmt For For
5.1 Elect Yoon Sung-bock as a Member of Audit
Committee
Mgmt For For
5.2 Elect Kim Hong-jin as a Member of Audit
Committee
Mgmt For For
5.3 Elect Yang Dong-hoon as a Member of Audit
Committee
Mgmt For For
6 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
Hanmi Pharmaceutical Co., Ltd.
Meeting Date: 03/20/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y3063Q103
Ticker: 128940
Primary ISIN: KR7128940004
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Hanmi Pharmaceutical Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Kwon Se-chang as Inside Director Mgmt For For
2.2 Elect Lim Jong-hun as Inside Director Mgmt For For
2.3 Elect Seo Dong-cheol as Outside Director Mgmt For For
3 Elect Seo Dong-cheol as a Member of Audit
Committee
Mgmt For For
4 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
Hanmi Science Co., Ltd.
Meeting Date: 03/20/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y3081U102
Ticker: 008930
Primary ISIN: KR7008930000
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Elect Woo Jong-su as Inside Director Mgmt
3 Approve Total Remuneration of Inside Mgmt
Directors and Outside Directors
Hanssem Co., Ltd.
For
For
For
For
Meeting Date: 03/20/2020 Country: South Korea
Primary Security ID: Y30642105
Meeting Type: Annual Ticker: 009240
Primary ISIN: KR7009240003
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Hanssem Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Approve Appropriation of Income
Mgmt
For
For
3 Elect One Inside Director and Two Outside
Directors (Bundled)
Mgmt
For
Against
Blended Rationale: A vote AGAINST Jeong Il-young is warranted because Jeong has attended less than 75 percent of board and
committee meetings over the most recent fiscal year, and the company did not provide any explanation. The company
proposes the election of directors as a single slate, leaving shareholders with no option but to vote for or against all director
nominees.
4 Appoint Lim Chang-hun as Internal Auditor Mgmt For For
5 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
6 Authorize Board to Fix Remuneration of
Internal Auditor(s)
Mgmt For Against
Blended Rationale: A vote AGAINST this resolution is warranted as the proposed remuneration limit is significantly higher than
market norm, and the company has not provided a reasonable justification for high remuneration limit.
7 Approve Terms of Retirement Pay Mgmt For For
8 Amend Articles of Incorporation
Mgmt
For
For
HITEJINRO Co., Ltd.
Meeting Date: 03/20/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y3R2AY108
Ticker: 000080
Primary ISIN: KR7000080002
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Elect One Inside Director and One Outside
Director (Bundled)
Mgmt
For
Against
Blended Rationale: A vote AGAINST Kim In-gyu is warranted considering the serious concern raises significant doubt over not
only his qualification as board of directors but also his ability to fulfill fiduciary responsibilities to serve the best interest of
shareholders. The company proposes the election of directors as a single slate, leaving shareholders with no option but to vote
against all director nominees.
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
HITEJINRO Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
3
Elect Lee Gu-yeon as a Member of Audit
Committee
Mgmt
For
For
4 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
5 Approve regulation that grants the privilege of
director's formal post
Mgmt For For
HYUNDAI MARINE & FIRE INSURANCE Co., Ltd.
Meeting Date: 03/20/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y3842K104
Ticker: 001450
Primary ISIN: KR7001450006
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Cho Yong-il as Inside Director Mgmt For For
2.2 Elect Lee Seong-jae as Inside Director Mgmt For For
3 Elect Kim Yong-joon as Outside Director to
serve as an Audit Committee Member
Mgmt For For
4 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
KB Financial Group, Inc.
Meeting Date: 03/20/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y46007103
Ticker: 105560
Primary ISIN: KR7105560007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Amend Articles of Incorporation
Mgmt
For
For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
KB Financial Group, Inc.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
3.1
Elect Hur Yin as Non-Independent
Non-Executive Director
Mgmt
For
For
3.2 Elect Stuart B. Solomon as Outside Director Mgmt For For
3.3 Elect Sonu Suk-ho as Outside Director Mgmt For For
3.4 Elect Choi Myung-hee as Outside Director Mgmt For For
3.5 Elect Jeong Kou-whan as Outside Director Mgmt For For
3.6 Elect Kwon Seon-ju as Outside Director Mgmt For For
4 Elect Oh Gyu-taek as Outside Director to
serve as an Audit Committee Member
Mgmt For For
5.1 Elect Choi Myung-hee as a Member of Audit
Committee
Mgmt For For
5.2 Elect Jeong Kou-whan as a Member of Audit
Committee
Mgmt For For
5.3 Elect Kim Gyeong-ho as a Member of Audit
Committee
Mgmt For For
6 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
Korea Investment Holdings Co., Ltd.
Meeting Date: 03/20/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y4862P106
Ticker: 071050
Primary ISIN: KR7071050009
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Amend Articles of Incorporation Mgmt For For
2.1 Elect Kim Nam-goo as Inside Director
Mgmt
For
Against
Blended Rationale: Joint Chair/CEO: A vote against is applied as LGIM expects the roles of Board Chair and CEO to be separate
and not to be recombined once separated. These two roles are substantially different and a division of responsibilities ensures
there is a proper balance of authority and responsibility on the board.Diversity: A vote against is applied as LGIM expects a
company to have a diverse board, including at least one woman. We expect companies to increase female participation both
on the board and in leadership positions over time.
2.2 Elect Lee Gang-haeng as Inside Director Mgmt For Against
Blended Rationale: Remuneration Committee: A vote against has been applied because LGIM expects the Committee to
comprise independent directors.
2.3 Elect Hobart Lee Epstein as Outside Director Mgmt For For
2.4 Elect Jeong Young-rok as Outside Director
Mgmt
For
For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Korea Investment Holdings Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
3 Elect Jeong Young-rok as a Member of Audit
Committee
4 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt
Mgmt
For
For
For
For
Korea Zinc Co., Ltd.
Meeting Date: 03/20/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y4960Y108
Ticker: 010130
Primary ISIN: KR7010130003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Choi Yoon-beom as Inside Director Mgmt For For
2.2 Elect Jang Hyeong-jin as Non-Independent Mgmt
Non-Executive Director
For
For
2.3 Elect Seong Yong-rak as Outside Director Mgmt For For
2.4 Elect Lee Jong-gwang as Outside Director Mgmt For
For
2.5 Elect Kim Doh-hyeon as Outside Director Mgmt For
For
3.1 Elect Lee Jong-gwang as a Member of Audit Mgmt
Committee
For
For
3.2 Elect Kim Doh-hyeon as a Member of Audit Mgmt
Committee
For For
4 Approve Total Remuneration of Inside Mgmt
Directors and Outside Directors
For For
LG Chem Ltd.
Meeting Date: 03/20/2020 Country: South Korea
Primary Security ID: Y52758102
Meeting Type: Annual Ticker: 051910
Primary ISIN: KR7051910008
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
LG Chem Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Kwon Young-soo as Non-Independent
Non-Executive Director
Mgmt
For
Against
Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical
element for a board to protect shareholders' interests.
2.2 Elect Cha Dong-seok as Inside Director Mgmt For For
2.3 Elect Jeong Dong-min as Outside Director Mgmt For
For
3 Elect Jeong Dong-min as a Member of Audit Mgmt
Committee
For
For
4 Approve Total Remuneration of Inside Mgmt
Directors and Outside Directors
For
For
LG Display Co., Ltd.
Meeting Date: 03/20/2020 Country: South Korea
Primary Security ID: Y5255T100
Meeting Type: Annual Ticker: 034220
Primary ISIN: KR7034220004
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Jeong Ho-young as Inside Director Mgmt For For
2.2 Elect Suh Dong-Hee as Inside Director Mgmt For For
3 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
LG Household & Health Care Ltd.
Meeting Date: 03/20/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y5275R100
Ticker: 051900
Primary ISIN: KR7051900009
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
LG Household & Health Care Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For For
2.1 Elect Kim Jae-wook as Outside Director Mgmt For For
2.2 Elect Kim Gi-young as Outside Director
Mgmt
For
Against
Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical
element for a board to protect shareholders' interests.
3 Elect Kim Jae-wook as a Member of Audit Mgmt
Committee
For For
4 Approve Total Remuneration of Inside Mgmt
Directors and Outside Directors
For
For
LG Uplus Corp.
Meeting Date: 03/20/2020 Country: South Korea
Primary Security ID: Y5293P102
Meeting Type: Annual Ticker: 032640
Primary ISIN: KR7032640005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Amend Articles of Incorporation Mgmt For For
3 Elect Lee Jae-ho as Outside Director Mgmt For
For
4 Elect Lee Jae-ho as a Member of Audit Mgmt
Committee
For
For
5 Approve Total Remuneration of Inside Mgmt
Directors and Outside Directors
For For
6 Approve Spin-Off Agreement Mgmt For For
Mando Corp.
Meeting Date: 03/20/2020 Country: South Korea
Primary Security ID: Y5762B113
Meeting Type: Annual Ticker: 204320
Primary ISIN: KR7204320006
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Mando Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Chung Mong-won as Inside Director Mgmt For For
2.2 Elect Kim Kwang-heon as Inside Director Mgmt For For
2.3 Elect Kim Han-cheol as Outside Director Mgmt For For
2.4 Elect Kim Kyung-soo as Outside Director Mgmt For For
2.5 Elect Lee In-hyung as Outside Director Mgmt For For
2.6 Elect Park Ki-chan as Outside Director Mgmt For For
ELECT THREE AUDIT COMMITTEE MEMBERS
OUT OF FOUR CANDIDATES
Mgmt
3.1 Elect Kim Han-cheol as a Member of Audit
Committee
Mgmt For For
3.2 Elect Kim Kyung-soo as a Member of Audit
Committee
Mgmt For For
3.3 Elect Lee In-hyung as a Member of Audit
Committee
Mgmt For For
3.4 Elect Park Ki-chan as a Member of Audit
Committee (This agenda will be lapsed if item
3.1-3.3 are approved)
Mgmt For Against
Blended Rationale: An ABSTAIN vote for item 3.4 is warranted given the voting restriction applicable to the proxy voting system
due to the company's intention to only appoint three of the four nominees onto the audit committee (with item 3.4 lapsing if
items 3.1 to 3.3 are approved by shareholders).
4 Approve Total Remuneration of Inside
Directors and Outside Directors
5 Amend Articles of Incorporation
Mgmt
Mgmt
For
For
For
For
Nongshim Co., Ltd.
Meeting Date: 03/20/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y63472107
Ticker: 004370
Primary ISIN: KR7004370003
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Nongshim Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
Samsung BioLogics Co., Ltd.
Meeting Date: 03/20/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y7T7DY103
Ticker: 207940
Primary ISIN: KR7207940008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Kim Tae-han as Inside Director
Mgmt
For
Against
Blended Rationale: Joint Chair/CEO: A vote against is applied as LGIM expects the roles of Board Chair and CEO to be separate.
These two roles are substantially different and a division of responsibilities ensures there is a proper balance of authority and
responsibility on the board.Joint Chair/CEO: A vote against is applied as LGIM expects the roles of Board Chair and CEO to be
separate and not to be recombined once separated. These two roles are substantially different and a division of responsibilities
ensures there is a proper balance of authority and responsibility on the board.Diversity: A vote against is applied as LGIM
expects a company to have a diverse board, including at least one woman. We expect companies to increase female
participation both on the board and in leadership positions over time.Additionally, a vote AGAINST Kim Tae-han (Item 2.1) is
warranted, given the concerns raised by the sanctions imposed by the financial authorities, as well as the apparent lack of
internal control and board oversight.
2.2 Elect Rim John Chongbo as Inside Director Mgmt For For
2.3 Elect Kim Eunice Kyunghee as Outside
Director
Mgmt For For
3 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For Against
Blended Rationale: A vote AGAINST this item is warranted because: - The proposed remuneration limit is high relative to that
of the market average; and - The company is proposing an increase without providing any reasonable justification.
Samsung C&T Corp.
Meeting Date: 03/20/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y7T71K106
Ticker: 028260
Primary ISIN: KR7028260008
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Samsung C&T Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Cancellation of Treasury Shares Mgmt For For
3.1 Elect Janice Lee as Outside Director Mgmt For For
3.2 Elect Chung Byung-suk as Outside Director Mgmt For For
3.3 Elect Yi Sang-seung as Outside Director Mgmt For For
4.1 Elect Janice Lee as a Member of Audit
Committee
Mgmt For For
4.2 Elect Chung Byung-suk as a Member of Audit
Committee
Mgmt For For
4.3 Elect Yi Sang-seung as a Member of Audit
Committee
Mgmt For For
5 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
Samsung Fire & Marine Insurance Co., Ltd.
Meeting Date: 03/20/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y7473H108
Ticker: 000810
Primary ISIN: KR7000810002
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Jang Deok-hui as Inside Director
Mgmt
For
For
2.2 Elect Park Dae-dong as Outside Director
Mgmt
For
Against
Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least
one woman. We expect companies to further increase female participation on the board and leadership positions over time.
3 Elect Park Se-min as Outside Director to
Serve as Audit Committee Member
Mgmt For For
4 Elect Kim Seong-jin as a Member of Audit
Committee
Mgmt For For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Samsung Fire & Marine Insurance Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
5 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
Samsung Heavy Industries Co., Ltd.
Meeting Date: 03/20/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y7474M106
Ticker: 010140
Primary ISIN: KR7010140002
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Elect Cho Hyeon-wook as Outside Director
Mgmt
For
For
3 Elect Choi Gang-sik as a Member of Audit
Committee
Mgmt
For
Against
Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least
one woman. We expect companies to increase female participation both on the board and in leadership positions over time.
4 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
Samsung Securities Co., Ltd.
Meeting Date: 03/20/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y7486Y106
Ticker: 016360
Primary ISIN: KR7016360000
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Sah Jae-hoon as Inside Director
Mgmt
For
For
2.2 Elect Lee Seung-ho as Inside Director
Mgmt
For
For
2.3 Elect Jang Beom-sik as Outside Director
Mgmt
For
For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Samsung Securities Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
3 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
SK hynix, Inc.
Meeting Date: 03/20/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y8085F100
Ticker: 000660
Primary ISIN: KR7000660001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For For
2 Amend Articles of Incorporation Mgmt For For
3 Elect Lee Seok-hee as Inside Director Mgmt For For
4
5.1
Elect Park Jung-ho as Non-Independent
Non-Executive Director
Elect Shin Chang-hwan as Outside Director
Mgmt
Mgmt
For
For
For
For
5.2 Elect Han Ae-ra as Outside Director
Mgmt
For
For
6.1
6.2
6.3
7
8
Elect Ha Young-gu as a Member of Audit
Committee
Elect Shin Chang-hwan as a Member of Audit
Committee
Elect Han Ae-ra as a Member of Audit
Committee
Approve Total Remuneration of Inside
Directors and Outside Directors
Approve Stock Option Grants
Mgmt
Mgmt
Mgmt
Mgmt
Mgmt
For
For
For
For
For
For
For
For
For
For
9 Approve Stock Option Grants
Mgmt
For
For
10 Approve Terms of Retirement Pay
Mgmt
For
For
Yuhan Corp.
Meeting Date: 03/20/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y9873D109
Ticker: 000100
Primary ISIN: KR7000100008
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Yuhan Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Amend Articles of Incorporation
Mgmt
For
Against
Blended Rationale: Governance Concerns: A vote AGAINST this item is warranted for the increase in authorized capital exceeds
100 percent of the current authorized capital without any justification and would result in less than 30 percent of the proposed
authorized capital on issue.
3.1 Elect Lee Cheol as Outside Director Mgmt For For
3.2 Elect Ji Seong-gil as Outside Director Mgmt For For
3.3 Elect Park Dong-jin as Outside Director Mgmt For For
4 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
5 Authorize Board to Fix Remuneration of
Internal Auditor(s)
Mgmt For For
Hanwha Life Insurance Co., Ltd.
Meeting Date: 03/23/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y306AX100
Ticker: 088350
Primary ISIN: KR7088350004
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Elect Two Inside Directors and Two Outside
Directors (Bundled)
Mgmt For For
3 Elect Park Seung-hui as Outside Director to
Serve as Audit Committee Member
Mgmt For For
4 Elect Kim Gyeong-han as a Member of Audit
Committee
Mgmt For Against
Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least
one woman. We expect companies to increase female participation both on the board and in leadership positions over time.
5 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Hyundai Construction Equipment Co., Ltd.
Meeting Date: 03/23/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y3R40R100
Ticker: 267270
Primary ISIN: KR7267270007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Gong Gi-young as Inside Director
Mgmt
For
Against
Blended Rationale: Joint Chair/CEO: A vote against is applied as LGIM expects the roles of Board Chair and CEO to be separate.
These two roles are substantially different and a division of responsibilities ensures there is a proper balance of authority and
responsibility on the board.
2.2 Elect Shin Pil-jong as Outside Director Mgmt For Against
Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least
one woman. We expect companies to increase female participation both on the board and in leadership positions over time.
3 Elect Shin Pil-jong as a Member of Audit
Committee
Mgmt For For
4 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
Hyundai Mipo Dockyard Co., Ltd.
Meeting Date: 03/23/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y3844T103
Ticker: 010620
Primary ISIN: KR7010620003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Kim Jeong-hyeok as Inside Director Mgmt For For
2.2 Elect Yoo Seung-won as Outside Director Mgmt For For
3 Elect Yoo Seung-won as a Member of Audit
Committee
Mgmt For For
4 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Doosan Bobcat, Inc.
Meeting Date: 03/24/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y2103B100
Ticker: 241560
Primary ISIN: KR7241560002
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Elect Park Sung-chull as Inside Director
Mgmt
For
Against
Blended Rationale: Joint Chair/CEO: A vote against is applied as LGIM expects the roles of Board Chair and CEO to be separate.
These two roles are substantially different and a division of responsibilities ensures there is a proper balance of authority and
responsibility on the board.Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at
least one woman. We expect companies to increase female participation both on the board and in leadership positions over
time.
3 Elect Choi Ji-gwang as Outside Director Mgmt For For
4 Elect Choi Ji-gwang as a Member of Audit
Committee
Mgmt For For
5 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
Doosan Infracore Co., Ltd.
Meeting Date: 03/24/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y2102E105
Ticker: 042670
Primary ISIN: KR7042670000
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Lim Seong-gyun as Outside Director Mgmt For For
2.2 Elect Lee Deuk-hong as Outside Director Mgmt For For
3.1 Elect Lim Seong-gyun as a Member of Audit
Committee
Mgmt For For
3.2 Elect Lee Deuk-hong as a Member of Audit
Committee
Mgmt For For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Doosan Infracore Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
4 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
HANWHA SOLUTIONS CORP.
Meeting Date: 03/24/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y3065K104
Ticker: 009830
Primary ISIN: KR7009830001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Kim Chang-beom as Inside Director
Mgmt
For
For
2.2 Elect Kim Dong-gwan as Inside Director
Mgmt
For
For
2.3 Elect Choi Man-gyu as Outside Director
Mgmt
For
Against
Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least
one woman. We expect companies to further increase female participation on the board and leadership positions over time.
2.4 Elect Shima Satoshi as Outside Director Mgmt For For
2.5 Elect Amanda Bush as Outside Director Mgmt For
For
2.6 Elect Seo Jeong-ho as Outside Director Mgmt For
For
2.7 Elect Park Ji-hyeong as Outside Director Mgmt For
For
3.1 Elect Choi Man-gyu as a Member of Audit Mgmt
Committee
For
For
3.2 Elect Kim Jae-jeong as a Member of Audit Mgmt
Committee
For For
3.3 Elect Park Ji-hyeong as a Member of Audit Mgmt
Committee
For For
4 Approve Total Remuneration of Inside Mgmt
Directors and Outside Directors
For For
Kia Motors Corp.
Meeting Date: 03/24/2020 Country: South Korea
Primary Security ID: Y47601102
Meeting Type: Annual Ticker: 000270
Primary ISIN: KR7000270009
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Kia Motors Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Amend Articles of Incorporation
Mgmt
For
For
3.1 Elect Ju Woo-jeong as Inside Director
Mgmt
For
For
3.2 Elect Kim Deok-joong as Outside Director
Mgmt
For
Against
Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical
element for a board to protect shareholders' interests.
3.3 Elect Kim Dong-won as Outside Director Mgmt For Against
Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least
one woman. We expect companies to further increase female participation on the board and leadership positions over time.
4 Elect Kim Deok-joong as a Member of Audit
Committee
Mgmt For Against
Blended Rationale: Audit Committee: A vote against is applied as LGIM expects the Committee to be comprised of indepedent
directors.
5 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
Korea Shipbuilding & Offshore Engineering Co., Ltd.
Meeting Date: 03/24/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y3838M106
Ticker: 009540
Primary ISIN: KR7009540006
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Ga Sam-hyeon as Inside Director Mgmt For For
2.2 Elect Choi Hyeok as Outside Director Mgmt For For
3 Elect Choi Hyeok as a Member of Audit
Committee
Mgmt For For
4 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
LOTTE Fine Chemical Co., Ltd.
Meeting Date: 03/24/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y7472W106
Ticker: 004000
Primary ISIN: KR7004000006
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Elect Two Inside Directors and One Outside Mgmt
Director (Bundled)
For For
3 Elect Kim Ho-jung as a Member of Audit Mgmt
Committee
For
For
4 Approve Total Remuneration of Inside Mgmt
Directors and Outside Directors
For
For
5 Approve Terms of Retirement Pay Mgmt For
For
BGF Co., Ltd.
Meeting Date: 03/25/2020 Country: South Korea
Primary Security ID: Y0R25T101
Meeting Type: Annual Ticker: 027410
Primary ISIN: KR7027410000
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Financial Statements and Allocation
of Income
Mgmt
For
For
2.1 Elect Ryu Cheol-han as Inside Director Mgmt For For
2.2 Elect Han Sang-dae as Outside Director Mgmt For For
2.3 Elect Seong Young-hun as Outside Director Mgmt For For
3 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For Against
Blended Rationale: A vote AGAINST this item is warranted. The company is not proposing an increase in the directors'
remuneration limit. However, the level of the directors' remuneration cap is excessive compared to that of the market norm,
and the company has not provided any reasonable justification for the excessive remuneration limit.
4 Authorize Board to Fix Remuneration of
Internal Auditor(s)
Mgmt For For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
BGF Retail Co., Ltd.
Meeting Date: 03/25/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y0R8SQ109
Ticker: 282330
Primary ISIN: KR7282330000
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Financial Statements and Allocation
of Income
Mgmt
For
For
2 Amend Articles of Incorporation Mgmt For For
3.1 Elect Lee Geon-joon as Inside Director Mgmt For For
3.2 Elect Hong Jeong-guk as Non-Independent
Non-Executive Director
Mgmt For Against
Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least
one woman. We expect companies to increase female participation both on the board and in leadership positions over time.
3.3 Elect Kim Nan-doh as Outside Director Mgmt For For
4 Elect Kim Nan-doh as a Member of Audit
Committee
Mgmt For For
5 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
Daewoo Engineering & Construction Co. Ltd.
Meeting Date: 03/25/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y1888W107
Ticker: 047040
Primary ISIN: KR7047040001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Moon Rin-gon as Outside Director Mgmt For For
2.2 Elect Yang Myeong-seok as Outside Director Mgmt For For
2.3 Elect Jang Se-jin as Outside Director Mgmt For For
3.1 Elect Moon Rin-gon as a Member of Audit
Committee
Mgmt For For
3.2 Elect Yang Myeong-seok as a Member of
Audit Committee
Mgmt For For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Daewoo Engineering & Construction Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
3.3
4
Elect Jang Se-jin as a Member of Audit
Committee
Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt
Mgmt
For
For
For
For
DAEWOO SHIPBUILDING & MARINE ENGINEERING Co., Ltd.
Meeting Date: 03/25/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y1916Y117
Ticker: 042660
Primary ISIN: KR7042660001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Amend Articles of Incorporation Mgmt For For
3.1 Elect Park Du-seon as Inside Director Mgmt For For
3.2 Elect Choi Jae-ho as Outside Director Mgmt For For
4 Elect Choi Jae-ho as a Member of Audit
Committee
Mgmt For For
5 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
Doosan Fuel Cell Co., Ltd.
Meeting Date: 03/25/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y2103X102
Ticker: 336260
Primary ISIN: KR7336260005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Amend Articles of Incorporation
Mgmt
For
For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Doosan Fuel Cell Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
3 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For Against
Blended Rationale: A vote AGAINST this item is warranted. The company is not proposing an increase in the directors'
remuneration limit. However, the level of the directors' remuneration cap is excessive compared to that of the market norm,
and the company has not provided any reasonable justification for the excessive remuneration limit.
Doosan Solus Co. Ltd.
Meeting Date: 03/25/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y2R06Q106
Ticker: 336370
Primary ISIN: KR7336370002
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt
For
For
E-Mart, Inc.
Meeting Date: 03/25/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y228A3102
Ticker: 139480
Primary ISIN: KR7139480008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Amend Articles of Incorporation Mgmt For For
3.1 Elect Kang Hui-seok as Inside Director Mgmt For For
3.2 Elect Kweon Hyeuk-goo as Inside Director Mgmt For For
4 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Hanon Systems
Meeting Date: 03/25/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y29874107
Ticker: 018880
Primary ISIN: KR7018880005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Approve Stock Option Grants
Mgmt
For
Against
Blended Rationale: Remuneration: Performance conditions. A vote against is applied as LGIM expects a sufficient portion of
executive remuneration to be assessed against performance conditions that are aligned with company
performance.Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to be measured over
at least a 3-year performance period. We encourage a period longer than 3 years to be set, excluding any holding period to
align with long-term value creation.
3 Elect Four Outside Directors and One NI-NED
(Bundled)
Mgmt For Against
Blended Rationale: A vote AGAINST this resolution is warranted because Han Sang-won has attended less than 75 percent of
board and committee meetings over the most recent fiscal year, and the company did not provide any explanation. The
company proposes the election of directors as a single slate, leaving shareholders with no option but to vote against all director
nominees.
4 Elect Two Members of Audit Committee
(Bundled)
Mgmt For Against
Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least
one woman. We expect companies to increase female participation both on the board and in leadership positions over time.
5 Approve Total Remuneration of Inside
Directors and Outside Directors
6 Amend Articles of Incorporation
Mgmt
Mgmt
For
For
For
For
Hanwha Aerospace Co., Ltd.
Meeting Date: 03/25/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y7470L102
Ticker: 012450
Primary ISIN: KR7012450003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Hanwha Aerospace Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2 Amend Articles of Incorporation Mgmt For For
3.1 Elect Shin Hyeon-woo as Inside Director
Mgmt
For
Against
Blended Rationale: Joint Chair/CEO: A vote against is applied as LGIM expects the roles of Board Chair and CEO to be separate.
These two roles are substantially different and a division of responsibilities ensures there is a proper balance of authority and
responsibility on the board.Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at
least one woman. We expect companies to increase female participation both on the board and in leadership positions over
time.
3.2 Elect Kim Sang-hui as Outside Director Mgmt For For
3.3 Elect Choi Gang-su as Outside Director Mgmt For
For
4.1 Elect Kim Sang-hui as a Member of Audit Mgmt
Committee
For
For
4.2 Elect Choi Gang-su as a Member of Audit Mgmt
Committee
For
For
5 Approve Total Remuneration of Inside Mgmt
Directors and Outside Directors
For
For
Hanwha Corp.
Meeting Date: 03/25/2020 Country: South Korea
Primary Security ID: Y3065M100
Meeting Type: Annual Ticker: 000880
Primary ISIN: KR7000880005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Amend Articles of Incorporation
Mgmt
For
For
3.1 Elect Ock Gyeong-seok as Inside Director
Mgmt
For
Against
Blended Rationale: Joint Chair/CEO: A vote against is applied as LGIM expects the roles of Board Chair and CEO to be separate.
These two roles are substantially different and a division of responsibilities ensures there is a proper balance of authority and
responsibility on the board.Future World Protection List: A vote against is applied as the company meets the criteria for
inclusion in LGIM’s Future World Protection List. Companies are incorporated into the List if they fail to meet minimum
standards of globally accepted business practices. This includes: companies involved in the manufacture and production of
controversial weapons; perennial violators of the United Nations Global Compact (UNGC); and pure coal miners.
3.2 Elect Seo Gwang-myeong as Inside Director Mgmt For For
3.3 Elect Kim Seung-heon as Outside Director
Mgmt
For
For
3.4 Elect Lee Seok-jae as Outside Director
Mgmt
For
For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Hanwha Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
4.1
4.2
5
Elect Park Jun-seon as a Member of Audit
Committee
Elect Kim Seung-heon as a Member of Audit
Committee
Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt
Mgmt
Mgmt
For
For
For
For
For
For
HDC Holdings Co., Ltd.
Meeting Date: 03/25/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y38397108
Ticker: 012630
Primary ISIN: KR7012630000
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Elect Lee Bang-ju as Outside Director
Mgmt
For
Against
Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least
one woman. We expect companies to increase female participation both on the board and in leadership positions over time.
3 Elect Lee Bang-ju as a Member of Audit
Committee
Mgmt For For
4 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
Hyundai Department Store Co., Ltd.
Meeting Date: 03/25/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y38306109
Ticker: 069960
Primary ISIN: KR7069960003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Hyundai Department Store Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
2
Amend Articles of Incorporation
Mgmt
For
For
3.1 Elect Jeong Ji-seon as Inside Director Mgmt For For
3.2 Elect Kim Hyeong-jong as Inside Director Mgmt For For
3.3 Elect Jang Ho-jin as Inside Director Mgmt For For
3.4 Elect Noh Min-gi as Outside Director Mgmt For For
3.5 Elect Ko Bong-chan as Outside Director Mgmt For For
4 Elect Ko Bong-chan as a Member of Audit
Committee
Mgmt For For
5 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
6 Approve Terms of Retirement Pay Mgmt For For
Hyundai Development Co.
Meeting Date: 03/25/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y3R31Z103
Ticker: 294870
Primary ISIN: KR7294870001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Lee Hyeong-jae as Inside Director
Mgmt
For
For
2.2 Elect Kwon In-so as Outside Director
Mgmt
For
For
2.3 Elect Choi Gyu-yeon as Outside Director
Mgmt
For
Against
Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least
one woman. We expect companies to increase female participation both on the board and in leadership positions over time.
3 Elect Choi Gyu-yeon as a Member of Audit
Committee
Mgmt For For
4 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Hyundai Heavy Industries Holdings Co., Ltd.
Meeting Date: 03/25/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y3R3C9109
Ticker: 267250
Primary ISIN: KR7267250009
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Approve Spin-Off Agreement
Mgmt
For
For
3.1 Elect Ga Sam-hyeon as Inside Director
Mgmt
For
For
3.2 Elect Shin Jae-yong as Outside Director
Mgmt
For
Against
Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least
one woman. We expect companies to increase female participation both on the board and in leadership positions over time.
4 Elect Shin Jae-yong as a Member of Audit Mgmt
Committee
For For
5 Approve Total Remuneration of Inside Mgmt
Directors and Outside Directors
For
For
Hyundai Steel Co.
Meeting Date: 03/25/2020 Country: South Korea
Primary Security ID: Y38383108
Meeting Type: Annual Ticker: 004020
Primary ISIN: KR7004020004
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Seo Myeong-jin as Inside Director
Mgmt
For
For
2.2 Elect Park Jong-seong as Inside Director
Mgmt
For
For
2.3 Elect Park Ui-man as Outside Director
Mgmt
For
Against
Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least
one woman. We expect companies to increase female participation both on the board and in leadership positions over time.
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Hyundai Steel Co.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.4 Elect Lee Eun-taek as Outside Director Mgmt For Against
Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least
one woman. We expect companies to increase female participation both on the board and in leadership positions over time.
3 Elect Park Ui-man as a Member of Audit Mgmt
Committee
For For
4 Approve Total Remuneration of Inside Mgmt
Directors and Outside Directors
For
For
5 Approve Spin-Off Agreement Mgmt For
For
Hyundai WIA Corp.
Meeting Date: 03/25/2020 Country: South Korea
Primary Security ID: Y3R394104
Meeting Type: Annual Ticker: 011210
Primary ISIN: KR7011210002
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Amend Articles of Incorporation Mgmt For For
2 Approve Financial Statements and Allocation
of Income
Mgmt
For
Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
3.1 Elect Shin Moon-sang as Inside Director
Mgmt
For
For
3.2 Elect Nam Ik-hyeon as Outside Director
Mgmt
For
Against
Blended Rationale: A vote AGAINST is warranted because Nam Ik-hyeon (Item 3.2) has a record of failure to remove directors
from the board at the time of their indictments. Nam's inaction is indicative of a material failure of governance and oversight.
3.3 Elect Cho Seong-guk as Outside Director Mgmt For Against
Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least
one woman. We expect companies to increase female participation both on the board and in leadership positions over time.
4.1 Elect Nam Ik-hyeon as a Member of Audit
Committee
Mgmt For For
4.2 Elect Cho Seong-guk as a Member of Audit
Committee
Mgmt For For
5 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Industrial Bank of Korea
Meeting Date: 03/25/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y3994L108
Ticker: 024110
Primary ISIN: KR7024110009
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt
For
Against
Blended Rationale: A vote AGAINST this item is warranted as the company is proposing an increase in the director
remuneration limit without any reasonable justification.
3 Authorize Board to Fix Remuneration of
Internal Auditor(s)
Mgmt For Against
Blended Rationale: A vote AGAINST this resolution is warranted. Although the proposed remuneration limit is not excessive
relative to that of the market norm, the company has not provided a reasonable justification for the proposed increase.
Kakao Corp.
Meeting Date: 03/25/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y4519H119
Ticker: 035720
Primary ISIN: KR7035720002
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Amend Articles of Incorporation (Business
Objective)
Mgmt For For
2.2 Amend Articles of Incorporation (Stock
Option)
Mgmt For For
2.3 Amend Articles of Incorporation (Duties of
Directors)
Mgmt For For
2.4 Amend Articles of Incorporation (Audit
Committee)
Mgmt For For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Kakao Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.5 Amend Articles of Incorporation (Board
Meeting)
Mgmt For Against
Blended Rationale: Governance Concerns: A vote AGAINST is warranted for the new notice period may be too short, preventing
outside directors from attending the meeting, and therefore reduce independent oversight of board resolutions.
3.1 Elect Kim Beom-su as Inside Director Mgmt For Against
Blended Rationale: Remuneration Committee: A vote against is applied as LGIM expects the Committee to be comprised of
independent directors.
3.2 Elect Yeo Min-su as Inside Director Mgmt For For
3.3 Elect Cho Su-yong as Inside Director Mgmt For For
3.4 Elect Cho Gyu-jin as Outside Director Mgmt For For
3.5 Elect Yoon Seok as Outside Director Mgmt For For
3.6 Elect Choi Se-jeong as Outside Director Mgmt For For
3.7 Elect Park Sae-rom as Outside Director Mgmt For For
4.1 Elect Cho Gyu-jin as a Member of Audit
Committee
Mgmt For For
4.2 Elect Yoon Seok as a Member of Audit
Committee
Mgmt For For
4.3 Elect Choi Se-jeong as a Member of Audit
Committee
Mgmt For For
5 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
6 Approve Stock Option Grants Mgmt For Against
Blended Rationale: Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to be measured
over at least a 3 year performance period. We encourage a period longer than 3 years to be set, excluding any holding period
to align with long-term value creation.Remuneration: Performance conditions. A vote against is applied as LGIM expects a
sufficient portion of executive remuneration to be assessed against performance conditions that are aligned with company
performance.
Lotte Chemical Corp.
Meeting Date: 03/25/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y5336U100
Ticker: 011170
Primary ISIN: KR7011170008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Lotte Chemical Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2 Amend Articles of Incorporation Mgmt For For
3 Elect One Inside Director, Five Outside
Directors and One NI-NED (Bundled)
Mgmt
For
Against
Blended Rationale: A vote AGAINST the following nominees is warranted because Lee Young-jun and Oh Seong-yeop are not
independent, the company is a large company, and the board is not majority independent. The company proposes the election
of directors as a single slate, leaving shareholders with no option but to vote for or against all director nominees.
4 Elect Two Members of Audit Committee Mgmt
(Bundled)
For For
5 Approve Total Remuneration of Inside Mgmt
Directors and Outside Directors
For
For
6 Approve Terms of Retirement Pay Mgmt For
For
LS Corp.
Meeting Date: 03/25/2020 Country: South Korea
Primary Security ID: Y5S41B108
Meeting Type: Annual Ticker: 006260
Primary ISIN: KR7006260004
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Koo Ja-yeol as Inside Director
Mgmt
For
Against
Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least
one woman. We expect companies to increase female participation both on the board and in leadership positions over time.
2.2 Elect Lee Gwang-woo as Inside Director Mgmt For For
2.3 Elect Kwon Jae-jin as Outside Director Mgmt For For
2.4 Elect Kim Young-mok as Outside Director Mgmt For For
2.5 Elect Ye Jong-seok as Outside Director Mgmt For For
2.6 Elect Lee Dae-su as Outside Director Mgmt For For
3.1 Elect Kwon Jae-jin as a Member of Audit
Committee
Mgmt For For
3.2 Elect Ye Jong-seok as a Member of Audit
Committee
Mgmt For For
3.3 Elect Lee Dae-su as a Member of Audit
Committee
Mgmt For For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
LS Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
4 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For Against
Blended Rationale: A vote AGAINST Item 4 is warranted because the proposed remuneration limit is high relative to that of the
market average; and the company is proposing an increase without providing any reasonable justification.
MIRAE ASSET DAEWOO CO., LTD.
Meeting Date: 03/25/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y1916K109
Ticker: 006800
Primary ISIN: KR7006800007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1.1 Elect Choi Hyeon-man as Inside Director Mgmt For For
2.1.2 Elect Cho Woong-gi as Inside Director Mgmt For
For
2.1.3 Elect Kim Sang-tae as Inside Director Mgmt For
For
2.2.1 Elect Cho Seong-il as Outside Director Mgmt For
For
2.2.2 Elect Cho Yoon-je as Outside Director Mgmt For
For
2.2.3 Elect Lee Jem-ma as Outside Director Mgmt For
For
2.2.4 Elect Kim Seong-gon as Outside Director Mgmt For
For
3 Elect Jeong Yong-seon as Outside Director to Mgmt
Serve as an Audit Committee Member
For
For
4 Elect Two Members of Audit Committee Mgmt
(Bundled)
For For
5 Approve Total Remuneration of Inside Mgmt
Directors and Outside Directors
For For
6 Approve Terms of Retirement Pay Mgmt For For
NCsoft Corp.
Meeting Date: 03/25/2020 Country: South Korea
Primary Security ID: Y6258Y104
Meeting Type: Annual Ticker: 036570
Primary ISIN: KR7036570000
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
NCsoft Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Jo Gook-hyeon as Outside Director
Mgmt
For
Against
Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least
one woman. We expect companies to increase female participation both on the board and in leadership positions over time.
2.2 Elect Choi Young-ju as Outside Director Mgmt For For
3 Elect Jo Gook-hyeon as a Member of Audit
Committee
Mgmt For For
4 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
NH Investment & Securities Co., Ltd.
Meeting Date: 03/25/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y6S75L806
Ticker: 005940
Primary ISIN: KR7005940002
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For For
2.1 Elect Jeong Young-chae as Inside Director Mgmt For Against
Blended Rationale: Remuneration Committee: A vote against is applied as LGIM expects the Committee to be comprised of
independent directors.
2.2 Elect Hong Seok-dong as Outside Director Mgmt For For
2.3 Elect Jeong Tae-seok as Outside Director Mgmt For For
2.4 Elect Lee Jeong-dae as Non-Independent
Non-Executive Director
Mgmt For For
2.5 Elect Kim Hyeong-shin as Non-Independent
Non-Executive Director
Mgmt For For
3 Elect Jeong Young-chae as CEO Mgmt For For
4 Elect Lim Byeong-soon as Inside Director to
Serve as an Audit Committee Member
Mgmt For Against
Blended Rationale: Audit Committee: A vote against is applied as LGIM expects the Committee to be comprised of independent
directors.
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
NH Investment & Securities Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
5 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
OCI Co., Ltd.
Meeting Date: 03/25/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y6435J103
Ticker: 010060
Primary ISIN: KR7010060002
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
1.2 Approve Consolidated Financial Statements
and Allocation of Income
Mgmt
For
Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Elect Yoo Gi-pung as Outside Director Mgmt For For
3 Elect Yoo Gi-pung as a Member of Audit Mgmt
Committee
For
For
4 Approve Total Remuneration of Inside Mgmt
Directors and Outside Directors
For
For
Shinsegae Co., Ltd.
Meeting Date: 03/25/2020 Country: South Korea
Primary Security ID: Y77538109
Meeting Type: Annual Ticker: 004170
Primary ISIN: KR7004170007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Cha Jeong-ho as Inside Director
Mgmt
For
For
2.2 Elect Kweon Hyeuk-goo as Inside Director
Mgmt
For
For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Shinsegae Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.3 Elect Kim Jeong-sik as Inside Director Mgmt For Against
Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least
one woman. We expect companies to further increase female participation on the board and leadership positions over time.
2.4 Elect Choi Jin-seok as Outside Director Mgmt For For
3 Elect Choi Jin-seok as a Member of Audit Mgmt
Committee
For
For
4 Approve Total Remuneration of Inside Mgmt
Directors and Outside Directors
For
For
SK Holdings Co., Ltd.
Meeting Date: 03/25/2020 Country: South Korea
Primary Security ID: Y8T642129
Meeting Type: Annual Ticker: 034730
Primary ISIN: KR7034730002
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Amend Articles of Incorporation
Mgmt
For
For
3.1 Elect Jang Dong-hyun as Inside Director
Mgmt
For
Against
Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least
one woman. We expect companies to increase female participation both on the board and in leadership positions over time.
3.2 Elect Park Sung-ha as Inside Director Mgmt For For
3.3 Elect Jang Yong-suk as Outside Director Mgmt For For
4 Elect Jang Yong-suk as a Member of Audit
Committee
Mgmt For For
5 Approve Stock Option Grants Mgmt For Against
Blended Rationale: Remuneration: Performance conditions. A vote against is applied as LGIM expects a sufficient portion of
executive remuneration to be assessed against performance conditions that are aligned with company performance.
6 Approve Total Remuneration of Inside
Directors and Outside Directors
7 Approve Terms of Retirement Pay
Mgmt
Mgmt
For
For
For
For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
SK Networks Co., Ltd.
Meeting Date: 03/25/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y8T645130
Ticker: 001740
Primary ISIN: KR7001740000
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For For
2 Amend Articles of Incorporation Mgmt For For
3.1 Elect Park Sang-gyu as Inside Director Mgmt For For
3.2 Elect Lee Cheon-se as Outside Director
Mgmt
For
Against
Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least
one woman. We expect companies to increase female participation both on the board and in leadership positions over
time.Independence: A vote against is applied as the board is not sufficiently independent which is a critical element for a board
to protect shareholders' interests.
4 Elect Lee Cheon-se as Outside Director to
Serve as Audit Committee Member
Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the nominee is engaged in material transactions with the company.
5 Approve Total Remuneration of Inside
Directors and Outside Directors
6 Approve Terms of Retirement Pay
Mgmt
Mgmt
For
For
For
For
Woori Financial Group, Inc.
Meeting Date: 03/25/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y972JZ105
Ticker: 316140
Primary ISIN: KR7316140003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Amend Articles of Incorporation Mgmt For For
3.1 Elect Cheom Moon-ak as Outside Director Mgmt For For
3.2 Elect Kim Hong-tae as Non-Independent
Non-Executive Director
Mgmt For For
3.3 Elect Lee Won-deok as Inside Director Mgmt For For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Woori Financial Group, Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
3.4 Elect Son Tae-seung as Inside Director Mgmt For Against
Blended Rationale: A vote AGAINST Son Tae-seung (Item 3.4) is warranted, given the concerns raised and the regulatory
sanctions as well as the apparent lack of internal control and board oversight.
4 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
DGB Financial Group Co., Ltd.
Meeting Date: 03/26/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y2058E109
Ticker: 139130
Primary ISIN: KR7139130009
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Kwon Hyeok-se as Outside Director Mgmt For For
2.2 Elect Lee Dam as Outside Director Mgmt For For
2.3 Elect Lee Seong-dong as Outside Director Mgmt For For
3 Elect Lee Dam as a Member of Audit
Committee
Mgmt For For
4 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
KEPCO Plant Service & Engineering Co., Ltd.
Meeting Date: 03/26/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y7076A104
Ticker: 051600
Primary ISIN: KR7051600005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
KEPCO Plant Service & Engineering Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2 Amend Articles of Incorporation Mgmt For For
3 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt
For
Against
Blended Rationale: A vote AGAINST this item is warranted as the company is proposing an increase in the director
remuneration limit without any reasonable justification.
4 Authorize Board to Fix Remuneration of
Internal Auditor(s)
Mgmt For Against
Blended Rationale: A vote AGAINST this resolution is warranted. Although the proposed remuneration limit is not excessive
relative to that of the market norm, the company has not provided a reasonable justification for the proposed increase.
LG Electronics, Inc.
Meeting Date: 03/26/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y5275H177
Ticker: 066570
Primary ISIN: KR7066570003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Amend Articles of Incorporation Mgmt For For
3 Elect two Inside Directors and one Outside
Director (Bundled)
Mgmt For For
4 Elect Baek Yong-ho as a Member of Audit
Committee
Mgmt For For
5 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
Shinhan Financial Group Co., Ltd.
Meeting Date: 03/26/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y7749X101
Ticker: 055550
Primary ISIN: KR7055550008
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Shinhan Financial Group Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For For
2 Amend Articles of Incorporation Mgmt For For
3.1 Elect Cho Yong-byoung as Inside Director Mgmt For Against
Blended Rationale: A vote AGAINST nominee Cho Yong-byoung (Item 3.1) is warranted given his criminal conviction, which
raises serious concerns around executive accountability. Mr.Cho 's conviction for criminal acts is clear evidence of malpractice
reprimanded by the relevant authorities.
3.2 Elect Philippe Avril as Non-Independent
Non-Executive Director
Mgmt For Against
Blended Rationale: A vote AGAINST nominees Philippe Avril (Item 3.2), Park Cheul (Item 3.4) and Yuki Hirakawa (Item 3.8) is
warranted given these nominees' memberships on the Board's Corporate Governance and CEO Recommendation Committee
and their decision to nominate Mr. Cho for re-election despite his conviction. The failure to remove Mr. Cho from the board is a
material corporate governance concern and a failure of fiduciary duties to shareholders.
3.3 Elect Park An-soon as Outside Director Mgmt For For
3.4 Elect Park Cheul as Outside Director Mgmt For Against
Blended Rationale: A vote AGAINST nominees Philippe Avril (Item 3.2), Park Cheul (Item 3.4) and Yuki Hirakawa (Item 3.8) is
warranted given these nominees' memberships on the Board's Corporate Governance and CEO Recommendation Committee
and their decision to nominate Mr. Cho for re-election despite his conviction. The failure to remove Mr. Cho from the board is a
material corporate governance concern and a failure of fiduciary duties to shareholders.
3.5 Elect Yoon Jae-won as Outside Director Mgmt For For
3.6 Elect Jin Hyun-duk as Outside Director Mgmt For For
3.7 Elect Choi Kyong-rok as Outside Director Mgmt For For
3.8 Elect as Yuki Hirakawa Outside Director Mgmt For Against
Blended Rationale: A vote AGAINST nominees Philippe Avril (Item 3.2), Park Cheul (Item 3.4) and Yuki Hirakawa (Item 3.8) is
warranted given these nominees' memberships on the Board's Corporate Governance and CEO Recommendation Committee
and their decision to nominate Mr. Cho for re-election despite his conviction. The failure to remove Mr. Cho from the board is a
material corporate governance concern and a failure of fiduciary duties to shareholders.
4.1 Elect Yoon Jae-won as a Member of Audit Mgmt
Committee
For For
4.2 Elect Lee Yoon-jae as a Member of Audit Mgmt
Committee
For For
5 Approve Total Remuneration of Inside Mgmt
Directors and Outside Directors
For For
SillaJen, Inc.
Meeting Date: 03/26/2020 Country: South Korea
Primary Security ID: Y7T3A9100
Meeting Type: Annual Ticker: 215600
Primary ISIN: KR7215600008
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
SillaJen, Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Amend Articles of Incorporation Mgmt For For
3 Appoint Kim Dong-ho as Internal Auditor Mgmt For For
4 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
5 Authorize Board to Fix Remuneration of
Internal Auditor(s)
Mgmt For For
SK Innovation Co., Ltd.
Meeting Date: 03/26/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y8063L103
Ticker: 096770
Primary ISIN: KR7096770003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For For
2 Amend Articles of Incorporation Mgmt For For
3.1 Elect Kim Jun as Inside Director Mgmt For Against
Blended Rationale: Remuneration Committee: A vote against is applied as LGIM expects the Committee to be comprised of
independent directors.
3.2 Elect Yu Jeong-jun as Non-Independent
Non-Executive Director
Mgmt For For
3.3 Elect Kim Jong-hoon as Outside Director Mgmt For For
4 Elect Kim Jong-hoon as a Member of Audit
Committee
Mgmt For For
5 Approve Terms of Retirement Pay Mgmt For For
6 Approve Stock Option Grants Mgmt For Against
Blended Rationale: Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to be measured
over at least a 3 year performance period. We encourage a period longer than 3 years to be set, excluding any holding period
to align with long-term value creation.Remuneration: Performance conditions. A vote against is applied as LGIM expects a
sufficient portion of executive remuneration to be assessed against performance conditions that are aligned with company
performance.
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
SK Innovation Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
7 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
SK Telecom Co., Ltd.
Meeting Date: 03/26/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y4935N104
Ticker: 017670
Primary ISIN: KR7017670001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Amend Articles of Incorporation
Mgmt
For
For
3.1 Approve Stock Option Grants
Mgmt
For
Against
Blended Rationale: Remuneration: Performance conditions. A vote against is applied as LGIM expects a sufficient portion of
executive remuneration to be assessed against performance conditions that are aligned with company performance.
3.2 Approve Stock Option Grants Mgmt For Against
Blended Rationale: Remuneration: Performance conditions. A vote against is applied as LGIM expects a sufficient portion of
executive remuneration to be assessed against performance conditions that are aligned with company performance.
4.1 Elect Park Jung-ho as Inside Director Mgmt For Against
Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least
one woman. We expect companies to increase female participation both on the board and in leadership positions over time.
4.2 Elect Cho Dae-sik as Non-Independent
Non-Executive Director
Mgmt For For
4.3 Elect Kim Yong-hak as Outside Director Mgmt For For
4.4 Elect Kim Jun-mo as Outside Director Mgmt For For
4.5 Elect Ahn Jeong-ho as Outside Director Mgmt For For
5.1 Elect Kim Yong-hak as a Member of Audit
Committee
Mgmt For For
5.2 Elect Ahn Jeong-ho as a Member of Audit
Committee
Mgmt For For
6 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
7 Approve Terms of Retirement Pay Mgmt For For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
S-Oil Corp.
Meeting Date: 03/26/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y80710109
Ticker: 010950
Primary ISIN: KR7010950004
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Hussain A. Al-Qahtani as Inside Director Mgmt For For
2.2 Elect A.M.Al-Judaimi as Non-Independent
Non-Executive Director
Mgmt For For
2.3 Elect S.A.Al-Hadrami as Non-Independent
Non-Executive Director
Mgmt For For
2.4 Elect S.M.Al-Hereagi as Non-Independent
Non-Executive Director
Mgmt For For
2.5 Elect Ziad T. Al-Murshed as Non-Independent
Non-Executive Director
Mgmt For For
2.6 Elect Kim Cheol-su as Outside Director Mgmt For For
2.7 Elect Lee Seung-won as Outside Director Mgmt For For
2.8 Elect Hong Seok-woo as Outside Director Mgmt For For
2.9 Elect Hwang In-tae as Outside Director Mgmt For For
2.10 Elect Shin Mi-nam as Outside Director Mgmt For For
2.11 Elect Jungsoon Janice Lee as Outside Director Mgmt For For
3.1 Elect Lee Seung-won as a Member of Audit
Committee
Mgmt For For
3.2 Elect Hong Seok-woo as a Member of Audit
Committee
Mgmt For For
3.3 Elect Hwang In-tae as a Member of Audit
Committee
Mgmt For For
3.4 Elect Shin Mi-nam as a Member of Audit
Committee
Mgmt For For
4 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Celltrion Healthcare Co., Ltd.
Meeting Date: 03/27/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y6S3BE101
Ticker: 091990
Primary ISIN: KR7091990002
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Kim Hyeong-gi as Inside Director
Mgmt
For
Against
Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least
one woman. We expect companies to increase female participation both on the board and in leadership positions over time.
2.2 Elect Choi Eung-yeol as Outside Director Mgmt For Against
Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least
one woman. We expect companies to increase female participation both on the board and in leadership positions over time.
2.3 Elect Jeong Woon-gap as Outside Director Mgmt For Against
Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least
one woman. We expect companies to increase female participation both on the board and in leadership positions over time.
2.4 Elect Ra Hyeon-ju as Outside Director Mgmt For For
2.5 Elect David Han as Outside Director
Mgmt
For
Against
Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least
one woman. We expect companies to increase female participation both on the board and in leadership positions over
time.Additionally, a vote AGAINST director nominee David Han (Item 2.5) is warranted as he has attended less than 75 percent
of board and committee meetings over the most recent fiscal year, and the company did not provide any explanation.
3.1 Elect Choi Eung-yeol as a Member of Audit
Committee
Mgmt For For
3.2 Elect Jeong Woon-gap as a Member of Audit
Committee
Mgmt For For
3.3 Elect Ra Hyeon-ju as a Member of Audit
Committee
Mgmt For For
4 Approve Terms of Retirement Pay Mgmt For For
5 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For Against
Blended Rationale: A vote AGAINST this item is warranted because:- The proposed remuneration limit is high relative to that of
the market average; and- The company is proposing an increase without providing any reasonable justification.
6 Approve Appropriation of Income Mgmt For For
7 Approve Stock Option Grants
Mgmt
For
Against
Blended Rationale: Remuneration: Performance conditions. A vote against is applied as LGIM expects a sufficient portion of
executive remuneration to be assessed against performance conditions that are aligned with company performance.
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Celltrion, Inc.
Meeting Date: 03/27/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y1242A106
Ticker: 068270
Primary ISIN: KR7068270008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Gi Woo-seong as Inside Director
Mgmt
For
Against
Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least
one woman. We expect companies to increase female participation both on the board and in leadership positions over time.
2.2 Elect Shin Min-cheol as Inside Director Mgmt For For
2.3 Elect Lee Hyeok-jae as Inside Director Mgmt For For
2.4 Elect Kim Geun-young as Outside Director Mgmt For For
2.5 Elect Kim Won-seok as Outside Director Mgmt For For
2.6 Elect Yoo Dae-hyeon as Outside Director Mgmt For For
2.7 Elect Lee Soon-woo as Outside Director Mgmt For For
2.8 Elect Lee Jae-sik as Outside Director Mgmt For For
3.1 Elect Kim Geun-young as a Member of Audit
Committee
Mgmt For For
3.2 Elect Kim Won-seok as a Member of Audit
Committee
Mgmt For For
3.3 Elect Yoo Dae-hyeon as a Member of Audit
Committee
Mgmt For For
3.4 Elect Lee Soon-woo as a Member of Audit
Committee
Mgmt For For
3.5 Elect Lee Jae-sik as a Member of Audit
Committee
Mgmt For For
4 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
5 Approve Terms of Retirement Pay Mgmt For For
6 Approve Stock Option Grants Mgmt For Against
Blended Rationale: Remuneration: Performance conditions. A vote against is applied as LGIM expects a sufficient portion of
executive remuneration to be assessed against performance conditions that are aligned with company performance.
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
CJ CheilJedang Corp.
Meeting Date: 03/27/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y16691126
Ticker: 097950
Primary ISIN: KR7097950000
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Choi Eun-seok as Inside Director Mgmt For For
2.2 Elect Yoon-Jeong-hwan as Director Mgmt For
For
3 Elect Yoon Jeong-hwan as a Member of Audit Mgmt
Committee
For
For
4 Approve Total Remuneration of Inside Mgmt
Directors and Outside Directors
For
For
CJ ENM Co., Ltd.
Meeting Date: 03/27/2020 Country: South Korea
Primary Security ID: Y16608104
Meeting Type: Annual Ticker: 035760
Primary ISIN: KR7035760008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Amend Articles of Incorporation
Mgmt
For
For
3.1 Elect Lim Gyeong-muk as Inside Director
Mgmt
For
For
3.2 Elect Choi Joong-kyung as Outside Director
Mgmt
For
Against
Blended Rationale: A vote AGAINST Choi Joong-kyung (Item 3.2) is warranted because the nominee has a record of material
governance failure from a board of another company.
3.3 Elect Han Sang-dae as Outside Director Mgmt For For
4.1 Elect Choi Joong-kyung as a Member of Audit
Committee
Mgmt For For
4.2 Elect Han Sang-dae as a Member of Audit
Committee
Mgmt For For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
CJ ENM Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
5 Approve Total Remuneration of Inside
Directors and Outside Directors
6 Approve Spin-Off Agreement
Mgmt
Mgmt
For
For
For
For
Daelim Industrial Co., Ltd.
Meeting Date: 03/27/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y1860N109
Ticker: 000210
Primary ISIN: KR7000210005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Amend Articles of Incorporation Mgmt For For
3 Elect Lee Chung-hun as Outside Director Mgmt For
For
4 Elect Lee Chung-hun as a Member of Audit Mgmt
Committee
For
For
5 Approve Total Remuneration of Inside Mgmt
Directors and Outside Directors
For
For
6 Approve Spin-Off Agreement Mgmt For
For
FILA Holdings Corp.
Meeting Date: 03/27/2020 Country: South Korea
Primary Security ID: Y2484W103
Meeting Type: Annual Ticker: 081660
Primary ISIN: KR7081660003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Elect Two Inside Directors (Bundled)
Mgmt
For
For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
FILA Holdings Corp.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
3 Approve Total Remuneration of Inside
Directors and Outside Directors
4 Authorize Board to Fix Remuneration of
Internal Auditor(s)
Mgmt
Mgmt
For
For
For
For
GS Engineering & Construction Corp.
Meeting Date: 03/27/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y2901E108
Ticker: 006360
Primary ISIN: KR7006360002
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Amend Articles of Incorporation
Mgmt
For
For
3.1 Elect Huh Chang-soo as Inside Director
Mgmt
For
Against
Blended Rationale: Joint Chair/CEO: A vote against is applied as LGIM expects the roles of Board Chair and CEO to be separate.
These two roles are substantially different and a division of responsibilities ensures there is a proper balance of authority and
responsibility on the board.Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at
least one woman. We expect companies to increase female participation both on the board and in leadership positions over
time.
3.2 Elect Heo Jin-su as Non-Independent Mgmt
Non-Executive Director
For For
4 Approve Total Remuneration of Inside Mgmt
Directors and Outside Directors
For
For
GS Holdings Corp.
Meeting Date: 03/27/2020 Country: South Korea
Primary Security ID: Y2901P103
Meeting Type: Annual Ticker: 078930
Primary ISIN: KR7078930005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
GS Holdings Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Elect Two Inside Directors, One
Non-Independent Non-Executive Director and
One Outside Director (Bundled)
Mgmt For For
3 Elect Yang Seung-woo as a Member of Audit
Committee
Mgmt For For
4 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
Hankook Tire & Technology Co., Ltd.
Meeting Date: 03/27/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y3R57J108
Ticker: 161390
Primary ISIN: KR7161390000
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1
2.2
3
Amend Articles of Incorporation (Business
Objectives)
Amend Articles of Incorporation (Company
Address Change)
Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt
Mgmt
Mgmt
For
For
For
For
For
For
KCC Corp.
Meeting Date: 03/27/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y45945105
Ticker: 002380
Primary ISIN: KR7002380004
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Han Mu-geun as Outside Director Mgmt For For
1.2 Elect Jang Seong-wan as Outside Director
Mgmt
For
For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
KCC Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.3 Elect Yoon Seok-hwa as Outside Director Mgmt For For
2 Elect Jang Seong-wan as a Member of Audit
Committee
3 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt
Mgmt
For
For
For
For
Korea Aerospace Industries Ltd.
Meeting Date: 03/27/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y4838Q105
Ticker: 047810
Primary ISIN: KR7047810007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt
For
For
Korea Electric Power Corp.
Meeting Date: 03/27/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y48406105
Ticker: 015760
Primary ISIN: KR7015760002
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Climate Impact Pledge: Additionally, a vote against is applied under LGIM’s Climate Impact Pledge
2 Approve Total Remuneration of Inside
Directors and Outside Directors
3 Amend Articles of Incorporation
Mgmt
Mgmt
For
For
For
For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Korea Gas Corp.
Meeting Date: 03/27/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y48861101
Ticker: 036460
Primary ISIN: KR7036460004
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt
For
Against
Blended Rationale: A vote AGAINST this item is warranted as the company is proposing an increase in the director
remuneration limit without any reasonable justification.
Korean Air Lines Co., Ltd.
Meeting Date: 03/27/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y4936S102
Ticker: 003490
Primary ISIN: KR7003490000
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Amend Articles of Incorporation (Chairman of
the Board)
Mgmt For For
2.2 Amend Articles of Incorporation (Director
Election)
Mgmt For For
2.3 Amend Articles of Incorporation (Method of
Public Notice)
Mgmt For For
3.1 Elect Woo Gi-hong as Inside Director Mgmt For Against
Blended Rationale: Votes AGAINST Woo Gi-hong (Item 3.1) and Lee Su-geun (Item 3.2) are warranted as they collectively
failed to remove a director deemed to have sufficient evidence of egregious governance concerns from the board. Such inaction
demonstrates a serious failure of accountability and raises serious concerns on their accountability as directors.
3.2 Elect Lee Su-geun as Inside Director Mgmt For Against
Blended Rationale: Votes AGAINST Woo Gi-hong (Item 3.1) and Lee Su-geun (Item 3.2) are warranted as they collectively
failed to remove a director deemed to have sufficient evidence of egregious governance concerns from the board. Such inaction
demonstrates a serious failure of accountability and raises serious concerns on their accountability as directors.
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Korean Air Lines Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
3.3 Elect Jeong Gap-young as Outside Director Mgmt For For
3.4 Elect Cho Myeong-hyeon as Outside Director
Mgmt
For
For
3.5 Elect Park Hyeon-ju as Outside Director
Mgmt
For
For
4 Elect Park Hyeon-ju as a Member of Audit
Committee
5 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt
Mgmt
For
For
For
For
LG Corp.
Meeting Date: 03/27/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y52755108
Ticker: 003550
Primary ISIN: KR7003550001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Kwon Young-soo as Inside Director
Mgmt
For
Against
Blended Rationale: Board mandates: A vote against is applied as LGIM expects a CEO/CFO/FD or a non-executive director not
to hold too many external roles to ensure they can undertake their duties effectively.
2.2 Elect Cho Seong-wook as Outside Director Mgmt For For
3 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt
For
For
Lotte Chilsung Beverage Co., Ltd.
Meeting Date: 03/27/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y5345R106
Ticker: 005300
Primary ISIN: KR7005300009
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Lotte Chilsung Beverage Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Amend Articles of Incorporation
Mgmt
For
For
3.1 Elect Lee Young-gu as Inside Director
Mgmt
For
Against
Blended Rationale: Joint Chair/CEO: A vote against is applied as LGIM expects the roles of Board Chair and CEO to be separate.
These two roles are substantially different and a division of responsibilities ensures there is a proper balance of authority and
responsibility on the board.
3.2 Elect Lee Dong-jin as Inside Director Mgmt For For
3.3 Elect Lim Jun-beom as Inside Director Mgmt For
For
3.4 Elect Chu Gwang-sik as Non-Independent Mgmt
Non-Executive Director
For
For
3.5 Elect Moon Jeong-hun as Outside Director Mgmt For
For
3.6 Elect Baek Won-seon as Outside Director Mgmt For
For
4.1 Elect Moon Jeong-hun as a Member of Audit Mgmt
Committee
For
For
4.2 Elect Baek Won-seon as a Member of Audit Mgmt
Committee
For
For
5 Approve Terms of Retirement Pay Mgmt For
For
6 Approve Total Remuneration of Inside Mgmt
Directors and Outside Directors
For
For
Lotte Corp.
Meeting Date: 03/27/2020 Country: South Korea
Primary Security ID: Y5353V106
Meeting Type: Annual Ticker: 004990
Primary ISIN: KR7004990008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Amend Articles of Incorporation
Mgmt
For
For
3.1.1 Elect Shin Dong-bin as Inside Director
Mgmt
For
Against
Blended Rationale: Board mandates: A vote against is applied as LGIM expects a CEO/CFO/FD or a non-executive director not
to hold too many external roles to ensure they can undertake their duties effectively.Additionally, a vote AGAINST is warranted
because:- The nominee's criminal conviction raise substantial doubt about his ability to effectively oversee management and
serve the best interests of shareholders at any company.
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Lotte Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
3.1.2 Elect Hwang Gak-gyu as Inside Director Mgmt For Against
Blended Rationale: Joint Chair/CEO: A vote against is applied as LGIM expects the roles of Board Chair and CEO to be separate.
These two roles are substantially different and a division of responsibilities ensures there is a proper balance of authority and
responsibility on the board.Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at
least one woman. We expect companies to increase female participation both on the board and in leadership positions over
time.Addtionally, a vote AGAINST is warranted due to:- The nominee's inaction to remove a convicted director from the board
represents a serious failure in accountability as directors.
3.1.3 Elect Song Yong-deok as Inside Director Mgmt For For
3.1.4 Elect Yoon Jong-min as Inside Director
Mgmt
For
For
3.2.1 Elect Lee Yoon-ho as Outside Director
Mgmt
For
Against
Blended Rationale: A vote AGAINST is warranted due to:- The nominee's inaction to remove a convicted director from the
board represents a serious failure in accountability as directors.
3.2.2 Elect Gwak Soo-geun as Outside Director Mgmt For Against
Blended Rationale: A vote AGAINST is warranted due to:- The nominee's inaction to remove a convicted director from the
board represents a serious failure in accountability as directors.
3.2.3 Elect Kwon O-Gon as Outside Director Mgmt For Against
Blended Rationale: A vote AGAINST is warranted due to:- The nominee's inaction to remove a convicted director from the
board represents a serious failure in accountability as directors.
3.2.4 Elect Kim Byeong-do as Outside Director Mgmt For Against
Blended Rationale: A vote AGAINST is warranted due to:- The nominee's inaction to remove a convicted director from the
board represents a serious failure in accountability as directors.
3.2.5 Elect Lee Jang-young as Outside Director Mgmt For For
4.1 Elect Lee Yoon-ho as a Member of Audit
Committee
Mgmt For For
4.2 Elect Gwak Soo-geun as a Member of Audit
Committee
Mgmt For For
4.3 Elect Lee Jang-young as a Member of Audit
Committee
Mgmt For For
5 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
6 Approve Terms of Retirement Pay Mgmt For For
Lotte Shopping Co., Ltd.
Meeting Date: 03/27/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y5346T119
Ticker: 023530
Primary ISIN: KR7023530009
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Lotte Shopping Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Amend Articles of Incorporation Mgmt For For
3.1 Elect Hwang Beom-seok as Inside Director Mgmt For For
3.2 Elect Jang Ho-ju as Inside Director Mgmt For For
3.3 Elect Park Jae-wan as Outside Director Mgmt For Against
Blended Rationale: Votes AGAINST incumbent director nominees Park Jae-wan (Item 3.3) and Lee Jae-won (Item 3.4) are
warranted, as their inactions to remove a convicted director from the board raises serious concerns on his accountability as a
director.
3.4 Elect Lee Jae-won as Outside Director Mgmt For Against
Blended Rationale: Votes AGAINST incumbent director nominees Park Jae-wan (Item 3.3) and Lee Jae-won (Item 3.4) are
warranted, as their inactions to remove a convicted director from the board raises serious concerns on his accountability as a
director.
3.5 Elect Kim Yong-dae as Outside Director Mgmt For For
4.1 Elect Park Jae-wan as a Member of Audit Mgmt
Committee
For
For
4.2 Elect Kim Yong-dae as a Member of Audit Mgmt
Committee
For
For
5 Approve Total Remuneration of Inside Mgmt
Directors and Outside Directors
For
For
6 Approve Terms of Retirement Pay Mgmt For
For
Medy-Tox, Inc.
Meeting Date: 03/27/2020 Country: South Korea
Primary Security ID: Y59079106
Meeting Type: Annual Ticker: 086900
Primary ISIN: KR7086900008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Medy-Tox, Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2 Approve Stock Option Grants Mgmt For Against
Blended Rationale: Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to be measured
over at least a 3 year performance period. We encourage a period longer than 3 years to be set, excluding any holding period
to align with long-term value creation.Remuneration: Performance conditions. A vote against is applied as LGIM expects a
sufficient portion of executive remuneration to be assessed against performance conditions that are aligned with company
performance.
3.1 Elect Jeong Hyeon-ho as Inside Director Mgmt For For
3.2 Elect Ju Hui-seok as Inside Director Mgmt For
For
3.3 Elect Yoo Dong-hyeon as Outside Director Mgmt For
For
4 Appoint Cheon Young-ik as Internal Auditor Mgmt For
For
5 Approve Total Remuneration of Inside Mgmt
Directors and Outside Directors
For
For
6 Authorize Board to Fix Remuneration of Mgmt
Internal Auditor(s)
For
For
NAVER Corp.
Meeting Date: 03/27/2020 Country: South Korea
Primary Security ID: Y62579100
Meeting Type: Annual Ticker: 035420
Primary ISIN: KR7035420009
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Amend Articles of Incorporation Mgmt For For
3 Elect Han Seong-sook as Inside Director Mgmt For For
4 Elect Byeon Dae-gyu as Non-Independent
Non-Executive Director
Mgmt For Against
Blended Rationale: Board mandates: A vote against is applied as LGIM expects a CEO/CFO/FD or a non-executive director not
to hold too many external roles to ensure they can undertake their duties effectively.
5 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
NAVER Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
6 Approve Stock Option Grants Mgmt For Against
Blended Rationale: Remuneration: Performance conditions. A vote against is applied as LGIM expects a sufficient portion of
executive remuneration to be assessed against performance conditions that are aligned with company
performance.Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to be measured over
at least a 3 year performance period. We encourage a period longer than 3 years to be set, excluding any holding period to
align with long-term value creation.
7 Approve Stock Option Grants Mgmt For Against
Blended Rationale: Remuneration: Performance conditions. A vote against is applied as LGIM expects a sufficient portion of
executive remuneration to be assessed against performance conditions that are aligned with company performance.
Netmarble Corp.
Meeting Date: 03/27/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y6S5CG100
Ticker: 251270
Primary ISIN: KR7251270005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Bang Jun-hyeok as Inside Director
Mgmt
For
For
2.2 Elect Yanli Piao as Non-Independent
Non-Executive Director
Mgmt
For
Against
Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical
element for a board to protect shareholders' interests.
3 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
OTTOGI Corp.
Meeting Date: 03/27/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y65883103
Ticker: 007310
Primary ISIN: KR7007310006
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
OTTOGI Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Approve Appropriation of Income
Mgmt
For
For
3 Amend Articles of Incorporation Mgmt For For
4.1 Elect Ham Young-jun as Inside Director
Mgmt
For
Against
Blended Rationale: Joint Chair/CEO: A vote against is applied as LGIM expects the roles of Board Chair and CEO to be separate.
These two roles are substantially different and a division of responsibilities ensures there is a proper balance of authority and
responsibility on the board.Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at
least one woman. We expect companies to increase female participation both on the board and in leadership positions over
time.
4.2 Elect Lee Gang-hun as Inside Director Mgmt For For
5 Approve Total Remuneration of Inside Mgmt
Directors and Outside Directors
For
For
6 Authorize Board to Fix Remuneration of Mgmt
Internal Auditor(s)
For
For
Paradise Co., Ltd.
Meeting Date: 03/27/2020 Country: South Korea
Primary Security ID: Y6727J100
Meeting Type: Annual Ticker: 034230
Primary ISIN: KR7034230003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Elect Cho Hyeon-jae as Outside Director Mgmt For For
3 Appoint Jeong Seong-geun as Internal Auditor Mgmt For For
4 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For Against
Blended Rationale: A vote AGAINST this item is warranted. The company is not proposing an increase in the directors'
remuneration limit. However, the level of the directors' remuneration cap is excessive compared to that of the market norm,
and the company has not provided any reasonable justification for the excessive remuneration limit.
5 Authorize Board to Fix Remuneration of
Internal Auditor(s)
Mgmt For For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
POSCO
Meeting Date: 03/27/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y70750115
Ticker: 005490
Primary ISIN: KR7005490008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Chang In-hwa as Inside Director Mgmt For For
2.2 Elect Chon Jung-son as Inside Director Mgmt For For
2.3 Elect Kim Hak-dong as Inside Director Mgmt For For
2.4 Elect Jeong Tak as Inside Director Mgmt For For
3 Elect Chang Seung-wha as Outside Director Mgmt For For
4 Elect Park Heui-jae as a Member of Audit
Committee
Mgmt For For
5 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
SSANGYONG CEMENT INDUSTRIAL Co., Ltd.
Meeting Date: 03/27/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y81350103
Ticker: 003410
Primary ISIN: KR7003410008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Elect Three NI-NED and Four Outside
Directors (Bundled)
3 Elect Three Members of Audit Committee
Mgmt
Mgmt
For
For
For
Against
Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least
one woman. We expect companies to increase female participation both on the board and in leadership positions over time.
4 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
CJ Corp.
Meeting Date: 03/30/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y1848L118
Ticker: 001040
Primary ISIN: KR7001040005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Choi Eun-seok as Inside Director
Mgmt
For
For
2.2 Elect Song Hyun-seung as Outside Director
Mgmt
For
Against
Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least
one woman. We expect companies to increase female participation both on the board and in leadership positions over time.
2.3 Elect Ryu Chul-kyu as Outside Director Mgmt For Against
Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least
one woman. We expect companies to increase female participation both on the board and in leadership positions over
time.Additionally, a vote AGAINST Ryu Chul-kyu is warranted for he has attended less than 75 percent of eligible board
meetings without a satisfactory explanation.
3.1 Elect Song Hyun-seung as a Member of Audit Mgmt
Committee
For For
3.2 Elect Ryu Chul-kyu as a Member of Audit Mgmt
Committee
For
For
4 Approve Total Remuneration of Inside Mgmt
Directors and Outside Directors
For
For
CJ Logistics Corp.
Meeting Date: 03/30/2020 Country: South Korea
Primary Security ID: Y166AE100
Meeting Type: Annual Ticker: 000120
Primary ISIN: KR7000120006
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Elect Two Inside Directors (Bundled)
Mgmt
For
For
3 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt
For
For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Coway Co., Ltd.
Meeting Date: 03/30/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y1786S109
Ticker: 021240
Primary ISIN: KR7021240007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt
For
Against
Blended Rationale: A vote AGAINST this item is warranted because:- The proposed remuneration limit is high relative to that of
the market average; and- The company is proposing an increase without providing any reasonable justification.
Doosan Corp.
Meeting Date: 03/30/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y2100N107
Ticker: 000150
Primary ISIN: KR7000150003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Amend Articles of Incorporation
Mgmt
For
For
3 Elect Kim Hyeong-ju as Outside Director
Mgmt
For
Against
Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least
one woman. We expect companies to increase female participation both on the board and in leadership positions over time.
4 Elect Kim Hyeong-ju as a Member of Audit
Committee
Mgmt For For
5 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Doosan Heavy Industries & Construction Co., Ltd.
Meeting Date: 03/30/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y2102C109
Ticker: 034020
Primary ISIN: KR7034020008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Amend Articles of Incorporation
Mgmt
For
Against
Blended Rationale: A vote AGAINST this item is warranted because:- The increase in authorized capital exceeds 100 percent of
the current authorized capital without any justification.- The proposed amendments include changes in issuance limit of
convertible bonds and bonds with warrants that could result in the issuance of new shares without preemptive rights greater
than 20 percent of issued capital, and the risk of dilution to existing shareholders is significant.
3.1 Elect Park Ji-won as Inside Director Mgmt For Against
Blended Rationale: Joint Chair/CEO: A vote against is applied as LGIM expects the roles of Board Chair and CEO to be separate.
These two roles are substantially different and a division of responsibilities ensures there is a proper balance of authority and
responsibility on the board.
3.2 Elect Nam Ik-hyeon as Outside Director Mgmt For Against
Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least
one woman. We expect companies to increase female participation both on the board and in leadership positions over
time.Additionally, a vote AGAINST Nam Ik-hyeon (Item 3.2) is warranted because the nominee has served on another
companies' board with wrongdoer Lee Ho-jin, former CEO of Taekwang Group, and, collectively, with other outside directors
failed to remove Lee Ho-jin from the board. The inaction to remove Lee Ho-jin from the board of Taekwang Group is indicative
of a material failure of governance and oversight at that company.
4 Elect Nam Ik-hyeon as a Member of Audit Mgmt
Committee
5 Approve Total Remuneration of Inside Mgmt
Directors and Outside Directors
For
For
For
For
HLB Co., Ltd.
Meeting Date: 03/30/2020 Country: South Korea
Primary Security ID: Y5018T108
Meeting Type: Annual Ticker: 028300
Primary ISIN: KR7028300002
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
HLB Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2 Amend Articles of Incorporation Mgmt For For
3.1 Elect Jin Yang-gon as Inside Director
Mgmt
For
Against
Blended Rationale: Board mandates: A vote against is applied as LGIM expects a CEO/CFO/FD or a non-executive director not
to hold too many external roles to ensure they can undertake their duties effectively.
3.2 Elect Jeon Bok-hwan as Inside Director Mgmt For For
3.3 Elect Doh Soon-gi as Inside Director Mgmt For For
3.4 Elect Ahn Gi-hong as Inside Director Mgmt For For
3.5 Elect Moon Jeong-hwan as Inside Director Mgmt For For
3.6 Elect Matthew Chang as Inside Director Mgmt For For
3.7 Elect William G. Hearl as Inside Director Mgmt For For
3.8 Elect Park Jin-guk as Outside Director Mgmt For For
3.9 Elect Sim Jae-cheol as Outside Director Mgmt For For
4 Appoint Kim Yong-woong as Internal Auditor Mgmt For For
5 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For Against
Blended Rationale: A vote AGAINST this item is warranted as the company is proposing an increase in the director
remuneration limit without any reasonable justification.
6 Authorize Board to Fix Remuneration of
Internal Auditor(s)
Mgmt For For
Kangwon Land, Inc.
Meeting Date: 03/30/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y4581L105
Ticker: 035250
Primary ISIN: KR7035250000
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Elect Kim Ju-il as a Member of Audit
Committee
Mgmt For For
3 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
NHN Corp.
Meeting Date: 03/30/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y6347N101
Ticker: 181710
Primary ISIN: KR7181710005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Jeong Woo-jin as Inside Director Mgmt For For
2.2 Elect Kang Nam-gyu as Outside Director Mgmt For For
3 Elect Kang Nam-gyu as a Member of Audit
Committee
Mgmt For For
4 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
5 Approve Stock Option Grants Mgmt For Against
Blended Rationale: Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to be measured
over at least a 3 year performance period. We encourage a period longer than 3 years to be set, excluding any holding period
to align with long-term value creation.Remuneration: Performance conditions. A vote against is applied as LGIM expects a
sufficient portion of executive remuneration to be assessed against performance conditions that are aligned with company
performance.
6 Approve Extension of Stock Option Period Mgmt For Against
Blended Rationale: A vote AGAINST this resolution is warranted as the company fails to provide a rationale why granted stock
options need to be extended.
POSCO Chemical Co., Ltd.
Meeting Date: 03/30/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y70754109
Ticker: 003670
Primary ISIN: KR7003670007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Amend Articles of Incorporation
Mgmt
For
For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
POSCO Chemical Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
3.1 Elect Min Gyeong-jun as Inside Director Mgmt For Against
Blended Rationale: Joint Chair/CEO: A vote against is applied as LGIM expects the roles of Board Chair and CEO to be separate.
These two roles are substantially different and a division of responsibilities ensures there is a proper balance of authority and
responsibility on the board.
3.2 Elect Kang Deuk-sang as Inside Director Mgmt For For
3.3 Elect Jeong Seok-mo as Non-Independent
Non-Executive Director
Mgmt For For
3.4 Elect Yoo Gye-hyeon as Outside Director Mgmt For For
3.5 Elect Jeon Young-soon as Outside Director Mgmt For For
4 Appoint Lee Jo-young as Internal Auditor Mgmt For For
5 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
6 Authorize Board to Fix Remuneration of
Internal Auditor(s)
Mgmt For Against
Blended Rationale: A vote AGAINST this resolution is warranted as the proposed remuneration limit is excessive relative to that
of the market norm, and the company has not provided a reasonable justification for the proposed increase.
POSCO INTERNATIONAL Corp.
Meeting Date: 03/30/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y1911C102
Ticker: 047050
Primary ISIN: KR7047050000
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1.1 Elect Ju Si-bo as Inside Director Mgmt For For
2.1.2 Elect Noh Min-yong as Inside Director Mgmt For For
2.2 Elect Jeong Tak as Non-Independent
Non-Executive Director
Mgmt For For
2.3.1 Elect Hong Jong-ho as Outside Director Mgmt For For
2.3.2 Elect Shim In-suk as Outside Director Mgmt For For
3.1 Elect Hong Jong-ho as a Member of Audit
Committee
Mgmt For For
3.2 Elect Shim In-suk as a Member of Audit
Committee
Mgmt For For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
POSCO INTERNATIONAL Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
4 Approve Total Remuneration of Inside
Directors and Outside Directors
5 Approve Spin-Off Agreement
Mgmt
Mgmt
For
For
For
For
SKC Co., Ltd.
Meeting Date: 03/30/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y8065Z100
Ticker: 011790
Primary ISIN: KR7011790003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For For
2 Amend Articles of Incorporation Mgmt For For
3.1 Elect Jang Dong-hyeon as Non-Independent
Non-Executive Director
Mgmt
For
Against
Blended Rationale: Board mandates: A vote against is applied as LGIM expects a CEO/CFO/FD or a non-executive director not
to hold too many external roles to ensure they can undertake their duties effectively.
3.2 Elect Bae Jong-seo as Outside Director Mgmt For For
3.3 Elect Lee Gwan-seop as Outside Director Mgmt For For
4 Elect Bae Jong-seo as a Member of Audit
Committee
Mgmt For For
5 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For
6 Approve Stock Option Grants Mgmt For Against
Blended Rationale: Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to be measured
over at least a 3 year performance period. We encourage a period longer than 3 years to be set, excluding any holding period
to align with long-term value creation.Remuneration: Performance conditions. A vote against is applied as LGIM expects a
sufficient portion of executive remuneration to be assessed against performance conditions that are aligned with company
performance.
7 Approve Terms of Retirement Pay Mgmt For For
Helixmith Co., Ltd.
Meeting Date: 03/31/2020 Country: South Korea
Meeting Type: Annual
Primary Security ID: Y3127Y100
Ticker: 084990
Primary ISIN: KR7084990001
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
Helixmith Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Amend Articles of Incorporation
Mgmt
For
Against
Blended Rationale: Governance Concerns: A vote AGAINST this item is warranted because the proposed amendments include
changes in issuance limit of convertible bonds that could result in the issuance of new shares without preemptive rights greater
than 20 percent of issued capital, and the risk of dilution to existing shareholders is significant.
3.1 Elect Kim Seon-young as Inside Director Mgmt For For
3.2 Elect Yoo Seung-shin as Inside Director Mgmt For
For
3.3 Elect Noh Dae-rae as Outside Director Mgmt For
For
3.4 Elect Oh Jae-seung as Outside Director Mgmt For
For
3.5 Elect Chas Bountra as Outside Director Mgmt For
For
4.1 Elect Noh Dae-rae as a Member of Audit Mgmt
Committee
For
For
4.2 Elect Oh Jae-seung as a Member of Audit Mgmt
Committee
For
For
4.3 Elect Chas Bountra as a Member of Audit Mgmt
Committee
For
For
5 Approve Total Remuneration of Inside Mgmt
Directors and Outside Directors
For
For
KT&G Corp.
Meeting Date: 03/31/2020 Country: South Korea
Primary Security ID: Y49904108
Meeting Type: Annual Ticker: 033780
Primary ISIN: KR7033780008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2.1 Elect Ko Yoon-seong as Outside Director
Mgmt
For
For
2.2 Elect Kim Myeong-cheol as Outside Director
Mgmt
For
For
2.3 Elect Hong Hyeon-jong as Outside Director
Mgmt
For
For
Vote Summary Report
Date range covered: 03/01/2020 to 03/31/2020
KT&G Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
3.1
Elect Ko Yoon-seong as a Member of Audit
Committee
Mgmt
For
For
3.2 Elect Kim Myeong-cheol as a Member of Audit
Committee
Mgmt For For
4 Approve Total Remuneration of Inside
Directors and Outside Directors
Mgmt For For